S&P, Nasdaq Capture Record Highs on Heels of Infrastructure Deal

The Nasdaq and S&P both notched their highest closes on record

Digital Content Manager
Jun 24, 2021 at 4:33 PM
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The major indexes surged on Thursday, adding to what's been an upbeat week on Wall Street. The Dow tacked on 322 points, now just 2.5% off its mid-May peak. The Nasdaq and the S&P 500 both seamlessly carved out record closing and intraday highs, with the former boasting its third-straight all-time closing high.

Healthcare and tech stocks helped stoke most of today's growth, while Wall Street looked on to the freshly-inked infrastructure deal in Washington D.C. The agreement was expected to include over $500 billion in new spending above Congress' baseline -- a great deal lower than Democrats' initial spending proposal. Investors also digested a slew of mixed economic data, as the Federal Reserve's annual bank stress test looms, set for release after the close. 

Continue reading for more on today's market, including:

  • ACN thanks this work model for a strong quarterly report
  • 3 high-profile stocks for the top of any investor's list. 
  • Plus, AR's win streak shows no signs of slowing; MGM nabs analyst attention; and why Dollar Tree stock dropped. 

The Dow Jones Average (DJI - 34,196.82) added 322.6 points, or almost 1% for the day. Of the 30 Dow components, Boeing (BA) saw the biggest jump, adding 2.9%, while Apple (AAPL) fell to the bottom, shedding 0.2%.

Meanwhile, the S&P 500 Index (SPX - 4,266.49) rose 24.7 points, or 0.6%. The Nasdaq Composite (IXIC - 14,369.71) added almost 98 points, or 0.7% for the day. 

Lastly, the Cboe Volatility Index (VIX - 15.97) dropped 0.4 point, or 2.1%.

Closing Indexes Summary June 24

NYSE and Nasdaq Stats June 24

  1. The finalized infrastructure agreement in Washington will omit measures to combat climate change, putting President Joe Biden's proposals on the matter on a separate bill, that Democrats will need to pass through Congress via reconciliation. (CNBC)
  2. Visa (V) just announced plans to purchase Swedish open-banking company Tink in a deal valued at roughly $2.15 billion, just months after dissolving its $5.3 billion deal with Plaid after antitrust pushback. (MarketWatch)
  3. Antero Resources stock's win streak is red-hotk is red-hot, and shows no signs of stopping. 
  4. The latest reopening stock to rake in analyst praise. 
  5. How inflation pressure could have a devastating effect on Dollar Tree stock

Corporate Earnings June 24

Unusual Options Activity June 24

Gold Eyes Weekly Win Despite Daily Pullback

Oil prices continued to climb today, rising to a two-and-a-half year high as demand for the commodity strengthens. Investors are keeping an eye on the Organization of the Petroleum Exporting Countries and their Allies (OPEC+) response to this rise in demand, with some expectations that it will soon begin to increase production to match. As a result, the now most-active, August-dated contract added 22 cents, or 0.3%, to settle at $73.30 per barrel.

Gold prices fell slightly from yesterday's rally, though they are still clinging to a weekly win. Inflation uncertainty dinged the yellow metal, while reopening optimism is causing some traders to shift away the safe haven and into more high-risk assets. In turn, August-dated gold dropped $6.70, or 0.4%, to settle at $1,776.70 an ounce. 

 

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